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MERGER WITH POPE RESOURCES (Tables) | 9 Months Ended
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Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Total Consideration Transferred by Rayonier in the Merger | The total purchase price was as follows:
Cash consideration | $247,318 |
Equity consideration | 172,640 |
Redeemable Operating Partnership Unit consideration | 106,752 |
Fair value of Pope Resources units held by us (a) | 11,211 |
Total purchase price | $537,921 |
(a) Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020.
Business Combination, Changes In Depletion And Depreciation | As a result of refinements to timberlands preliminarily recorded values, we recognized the following decreases in depletion expense during the nine months ended September 30, 2021:
| Nine months ended September 30, 2021
| Pacific Northwest Timber |  |  |  | Timber Funds |  |  |  | Total
Depletion | ($182) |  |  |  | ($1,202) |  |  |  | ($1,384)
Total | ($182) |  |  |  | ($1,202) |  |  |  | ($1,384)
Schedule of Allocation of Purchase Price to the Identifiable Assets Acquired and Liabilities Assumed | The final allocation of purchase price to the identifiable assets acquired and liabilities assumed is as follows:
| Core Timberlands |  | Timber Funds |  | Total
Timberland and Real Estate Business |  |  |  |  |
Cash | $7,380 |  |  | $8,870 |  |  | $16,250 |
Accounts receivable | 2,459 |  |  | 1,787 |  |  | 4,246 |
Other current assets | 703 |  |  | 260 |  |  | 963 |
Timber and Timberlands | 498,630 |  |  | 449,073 |  |  | 947,703 |
Higher and Better Use Timberlands and Real Estate Development Investments | 34,748 |  |  | — |  |  | 34,748 |
Property, plant and equipment | 11,616 |  |  | — |  |  | 11,616 |
Other assets (a) | 3,737 |  |  | 2,194 |  |  | 5,931 |
Total identifiable assets acquired | $559,273 |  |  | $462,184 |  |  | $1,021,457 |
Accounts payable | 274 |  |  | 293 |  |  | 567 |
Current maturities of long-term debt | — |  |  | 25,084 |  |  | 25,084 |
Accrued interest | 244 |  |  | 275 |  |  | 519 |
Other current liabilities | 9,038 |  |  | 2,080 |  |  | 11,118 |
Long-term debt | 53,502 |  |  | 35,759 |  |  | 89,261 |
Long-term environmental liabilities | 10,748 |  |  | — |  |  | 10,748 |
Other non-current liabilities (b) | 2,724 |  |  | 461 |  |  | 3,185 |
Total liabilities assumed | $76,530 |  |  | $63,952 |  |  | $140,482 |
Net identifiable assets | $482,743 |  |  | $398,232 |  |  | $880,975 |
Less: noncontrolling interests | (3,816) |  |  | (339,238) |  |  | (343,054) |
Total net assets acquired | $478,927 |  |  | $58,994 |  |  | $537,921 |
(a)Other assets includes a $1.9 million intangible asset in connection with the Timberland Investment Management business. (b)Other non-current liabilities includes a $3.2 million deferred income tax liability resulting from the fair value adjustment to Pope Resources’ assets and liabilities.
Schedule of Unaudited Pro Forma Information | Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three and nine months ended September 30, 2020, assuming the acquisition had occurred as of January 1, 2020, are presented below (in thousands, except per share and unit amounts):
|  | Three Months Ended |  |  | Nine Months Ended
|  |  | September 30, 2020
Sales |  |  | $198,975 |  |  |  |  | $684,900 |
Net income attributable to Rayonier Inc. |  |  | ($1,110) |  |  |  |  | $25,800 |
Basic earnings per share attributable to Rayonier Inc. |  |  | ($0.01) |  |  |  |  | $0.19 |
Diluted earnings per share attributable to Rayonier Inc. |  |  | ($0.01) |  |  |  |  | $0.19 |
Net income attributable to Rayonier, L.P. |  |  | ($1,147) |  |  |  |  | $26,648 |
Basic earnings per unit attributable to Rayonier, L.P. |  |  | ($0.01) |  |  |  |  | $0.19 |
Diluted earnings per unit attributable to Rayonier, L.P. |  |  | ($0.01) |  |  |  |  | $0.19 |

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